For the seventh time following its successful years of 2014-2016 and 2019-2021, HAVEL & PARTNERS received the Superbrands award given annually to the best business brands on the Czech market. Once again, the law firm ranks among highly reputable companies that are associated, in the clients’ view, with substantial values and a personal relationship. The award winner is selected by an expert jury assessing criteria such as brand awareness, brand building, innovation and prestige.
“This award we have repeatedly received over the past few years showcases both the exceptional quality of our services and the reputation of our law firm, which we have achieved in particular by ensuring our clients’ long-term satisfaction. That is why we highly appreciate and are driven to continuously improve the great trust they have placed in us. Let me thank both our clients and all our colleagues for their loyalty, hard work and flexibility that help us further reinforce the good reputation of our brand in these challenging times”, said managing partner Jaroslav Havel.
Awarded by an independent global authority in rating and appraising business brands, Superbrands stands for the recognition of an excellent position on the local market. Based on universal criteria and methods, it annually identifies the best of the top brands in nearly 90 countries on five continents. The title has been awarded in the Czech Republic since 2013.
Individual brands cannot register in this programme but are long-listed in an independent procedure. In the procedure, the jury prepares the nominations using a database of all registered trademarks, made available for this purpose by the Czech Industrial Property Office, and taking into account the business results generated by Superbrands in cooperation with Bisnode, a business data expert. The award winners for the given year are selected by an expert jury composed of respected business, communication, marketing, media and marketing research professionals.
Authors: Robert Nešpůrek, Pavel Amler, Tomáš Chmelka
In recent years, European lawmakers have been attempting to respond to the current technological situation in the society through various legislative packages, and thus the emerging cryptocurrency boom cannot have escaped them either. It was merely a matter of time before the declared draft regulations and directives get their final tuning and individual entities have to start adapting to the new legislation in this field.
One of these regulations is MiCA (the “Markets in Crypto-assets”) regulation, which is currently being discussed in the ECON, the European Parliament’s Committee on Economic and Monetary Affairs.
What will need to be ensured with issues of new projects?
One of the positive features the current draft of the MiCA regulation brings to investors is the introduction of new obligations on crypto-asset issuers. These issuers will, among other things, have to issue and publish white papers – essentially a cryptocurrency prospectus – during their initial coin offerings (ICO).
Project white papers will have to comply with certain requirements, which will make information on a given project more comprehensive and easily accessible for investors (e.g., on the actual asset or issuer of the crypto-asset). The purpose of this obligation is to enable potential buyers to understand the risks connected with the offer of a given crypto-asset and help them make as qualified a decision on their investment as possible.
New obligations for entities offering their services associated with crypto-assets
Under the current MiCA draft, crypto-assets service providers (CASPs) will be required to obtain a special licence and to comply with new regulatory obligations similar to those applicable to traditional financial providers. These include, for instance, the rules governing the protection of customers’ assets and prudential requirements. Analogically to other types of financial services governed by the European regulatory framework, the MiCA regulation is to introduce the single-licence right that will enable CASP holders of a licence obtained in one EU Member State to provide services throughout the EU. The competent body administering the public register of all CASPs will be the European Securities and Markets Authority (ESMA).
The final version of the MiCA regulation has not been approved yet and the current draft is still subject to change. Its final wording and its impact on the cryptocurrency markets now depends on the negotiations among the European Commission, the Council of the European Union and also on the European Parliament.
The EU crypto-asset legislation focuses not only on consumer protection but also on prevention of money-laundering. There is a related regulation in the pipeline called the TFR (the “Transfer of Funds Regulation”), regulating transfers of funds and certain crypto-assets. Currently, the TFR is also being discussed in the ECON Committee and other committees in the European Parliament.
Trust vs verification
According to the current TFR draft, the CASPs will now be required to retain and verify information about the origin of the crypto-assets, their beneficiaries and subsequently provide the data to competent regulators. Moreover, before making the crypto-assets available, CASPs should verify whether the source (the entity) of the crypto-assets is recorded in the register of high-risk entities to be established and managed by the European Banking Authority (the EBA).
Importantly, the CASPs will have to fulfil the above obligations for each transaction regardless of its value (with the exception of direct transfers between individual users). The set-up of specific marginal values is not, as the EU law-makers suggest, advisable due to the high volatility of cryptocurrency prices and also because the rules could always be easily circumvented.
Impact on HW wallet holders
The described obligations could cause problems to holders of unhosted wallets, especially hardware wallets like Tresor or Ledger. It will be more challenging to fulfil the obligations imposed on these types of wallets under the TFR proposal. Theoretically, some CASPs might decide to cut off the hardware wallet users from their services to avoid the risk of potential sanctions linked to the non-compliance with the set legal framework.
Analogically to the MiCA regulation, the final version of the TFR has not been approved yet and still depends on the further negotiations of EU bodies. Nonetheless, the current proposals give an idea which direction the European Union intends to take: towards a certain model of regulation of crypto-assets.
EU institutions continue to take a series of steps towards the EU Cybersecurity Strategy. Individual measures are to ensure a high level of joint cybersecurity throughout the EU. They will also boost the resilience of the public and the private sectors and the EU as a whole and their ability to respond to security incidents. Indeed, we covered a related topic (the European cybersecurity certification) in the latest issue of our technology flash.
Currently, there is another package of regulations on the table which, as the preliminary analyses assert, will have a similar impact to that of the GDPR several years ago. The presented documents constitute a new and complex regulation, which is why we will only focus on its most crucial aspects.
The NIS2 Directive
Once approved, the proposal for the NIS2 Directive (NIS2) is expected to replace the existing Directive 1148/2016 (NIS). In addition to increasing the cyber resilience of enterprises active in the EU, the revised directive also aims to remove diverging cybersecurity requirements in various Member States and to harmonise the implementing cybersecurity measures.
The proposal for the directive updates and significantly expands the list of industries and activities subject to the cybersecurity obligations – it is to apply to sectors such as energy, transport, healthcare and digital infrastructure. The NIS2-set system is also expected to apply to the central public authorities. Apart from the direct addressees, the requirements set out in the NIS2 Directive will also have to be met by their relevant supply chain, which shows that the impact of the NIS2 Directive will be truly enormous.
DSA Regulation (Digital Services Act)
The proposal for the DSA Regulation will significantly impact the liability of online intermediaries, online advertising rules and illegal content and disinformation.
The persons affected by this Regulation can be divided into two groups: intermediary services offering network infrastructure (e.g., internet services providers, hosting and cloud services, online marketplaces and social media) and large-scale online platforms entailing specific risks in terms of the dissemination of illegal content and its detrimental effect on society (reaching more than 10% of Europe’s 450 million consumers).
The DSA Regulation in particular regulates the mechanism for reporting illegal content by users, the process for dealing with such reported content and the assessment of systemic risks.
DMA Regulation (Digital Services Act)
The proposal for the DMA regulation sets out criteria for designating large online platforms as gatekeepers. This will, in particular, include internet search engines, social media, online marketplaces, cloud services, etc. These gatekeepers will have to fulfil selected obligations that will prevent them from potentially abusing their dominant position on the market.
Specific examples include the obligation to allow third parties to interoperate with gatekeeper services or the obligation to allow business users to promote their offers and conclude contracts with customers outside the gatekeeper platform. On the other hand, the gatekeepers are expressly prohibited from treating their own services and products more favourably than similar services or products offered on their platform by third parties, preventing consumers from connecting with businesses outside the gatekeeper platform, or preventing users from removing pre-installed software.
The regulation described is to constitute the cornerstone of the European Digital Strategy. It is clear from the proposals so far that the scope of the addressees and the content of the obligations will significantly affect the day-to-day functioning of digital platforms. We recommend not to underestimate the preparation and development of these regulations and to follow them closely and respond to the requirements of the final regulations.
The European Union is actively stepping up in the fight against money laundering. This is evident from the relentless law-making activity and the envisaged package of EU legislation primarily aimed at the reinforcing and strengthening the efforts to fight money laundering. One of these legislative drafts reinforcing the EU’s position in this fight is the proposal for the Regulation establishing the Anti-Money Laundering Authority, regarding which the Council adopted its partial position in June earlier this year.
The comprehensive proposal for the regulation lays down in detail the operation of the Anti-Money Laundering Authority, its powers and other partial duties, which are expected to lead to enhanced coordination and harmonisation of the fight against money laundering across Member States.
Competence and powers of the AML Authority
The competence and powers of the AML Authority under the proposal will not only cover anti-money laundering (AML), but also countering the financing of terrorism (CFT), which is closely related to AML issues.
Due to the complexity of the proposal, below we will only focus on the most crucial and interesting points of the regulation.
Harmonisation of supervision in AML-CFT within the EU
The mere existence of a single central EU anti-money laundering and counter-terrorism financing authority, which would issue application methodologies for regulators and competent obliged entities, and unify AML-CFT-related procedures and interpretation, will naturally lead to a harmonised approach to compliance with the AML-CFT rules across Member States. Ensuring such EU harmonisation will simplify the supervision over compliance with the AML-CFT rules and lead to more efficient control over the relevant entities.
Direct supervision over large financial institutions
The power to directly supervise cross-border and, from the Authority’s perspective, particularly high-risk financial institutions stands relatively above all its other powers. Under the regulation, where there arises an urgent need to intervene in money laundering, the Authority will be entitled to inspect these institutions and to impose sanctions on them.
Coordination of national authorities in the fight against money laundering
Under the proposed regulation, the Authority will also supervise the competent national authorities supervising the financial sector in each Member State and coordinate their activities at the EU-wide level.
As for the financial intelligence units (Financial Analytical Office in the Czech Republic), the Authority will primarily assume a support function, which will include, in particular, conducting joint anti-money laundering investigations and sharing technical expertise in areas such as the use of artificial intelligence, IT solutions and best practices for identifying suspicious transactions.
The Authority is to be established as of 1 January 2023 according to the proposal. The actual regulation is to be effective as of 1 January 2024, therefore the Authority would commence its official operations as of that date. Currently, no final decision has been made as to which Member State the Authority will be seated in. Apart from the Netherlands, Germany and France, Italy and Austria have also joined the competition to host the Member State seat. Vienna seems to be the winner and the most likely future seat of the Authority.
HAVEL & PARTNERS’ experts provided comprehensive legal support to the Volkswagen Group’s largest Czech company ŠKODA AUTO in resolving disputes over the use of the ŠKODA sign. The long-standing disputes with the Škoda Group’s engineering companies, which are part of the PPF Group, ended with an agreement among all parties on the transfer of rights in the ŠKODA trademarks.
The agreement removes the conflicts regarding the use of the ŠKODA sign by several companies that have lasted for many years. Under the agreement, ŠKODA AUTO becomes the owner of the ŠKODA trademarks worldwide, which is a significant step that builds on the brand’s rich history and is also important for the company’s future development in both domestic and global markets.
HAVEL & PARTNERS provided the client with comprehensive legal support leading to the resolution of the disputes and reaching a commercial agreement. The services included strategic legal advice and litigation representation provided by a team led by partner Jan Šturm and senior associate Juraj Dubovský, intellectual property advice provided by a team led by partner Ivan Rámeš and senior associates Radek Riedl and Tereza Hrabáková. The team led by partner Jan Koval and associate Josef Bouchal also provided comprehensive transactional advisory services.
“We appreciate the trust ŠKODA AUTO has given to us to resolve this exceptional and extremely complicated legal matter in the Czech Republic,” said Jan Šturm, partner at HAVEL & PARTNERS.
ŠKODA AUTO has been part of the Volkswagen Group for 30 years, delivered more than 870,000 vehicles to customers worldwide last year, and employs 45,000 people worldwide. With this move, the carmaker is now consolidating its global brand position and marking a major milestone in the company’s development both in the Czech Republic and internationally.
The engineering companies belonging to the Škoda Group, which is owned by the PPF Group, mainly manufacture low-floor trams, electric locomotives, suburban train units, metro sets, electric buses and trolleybuses, as well as control and drive systems for transportation systems.
Authors: Dalibor Kovář, František Korbel, Petra Sochorová
Let us inform you about an expected major change in employment law, initiated by the Ministry of Labour and Social Affairs of the Czech Republic. It is a long-awaited amendment to the Labour Code and related labour law legislation.
Although the amendment has been in the inter-ministerial comment procedure since 13 September 2022, after which it may undergo changes before being submitted to the Chamber of Deputies, we consider it important to advise you about it now. In fact, the amendment comes directly from the authority charged with employment issues that has probably already discussed many aspects with representatives of employees and employers.
As a result, the amendment is not expected to encounter major resistance in the legislative process. We will keep track of the entire legislative process and will of course keep you informed of the final wording of the amendment. The effective date cannot be estimated yet, it will depend on how fast the amendment will be discussed and considered.
Below is a summary of the key points of the amendment, which in many cases will impose an increased administrative burden on employers. Perhaps only the simplification of electronic signing and delivery of important employment documents agreed by both parties can provide some comfort. In addition to the partial amendments to parental leave and flexible working arrangements, the amendment regulates the following areas:
The amendment brings a regulation of remote work, i.e. home office. Such work may only be carried out under a written agreement between the employer and the employee, unless the employer orders the work to the employee as a result of a measure taken by a public authority, for a necessary period of time, in accordance with the legitimate interests of the employee and on condition that the place of the remote work is suitable for the performance of the work. The draft amendment does not specify who is going to assess the suitability of the place of work. As a result, controversial situations can be expected.
The agreement or written order must include (i) the place of the remote work, (ii) the method of communication between the employee and the employer, the method of assigning and checking the work, (iii) the scope of the remote work to be carried out and the details of the scheduling of working hours, (iv) the method of reimbursement by the employer for costs incurred in performing the remote work, (v) the period of time covered by the agreement, and (vi) health and safety at work issues. The home office agreement may be terminated for any reason or without giving any reason with 15 days’ notice. We consider this revised notice of termination as problematic due to the uncertainty on both sides, the employer and the employee.
The employer will be obliged to cover the costs of the remote work incurred by the employee, while they must not be included in the wage. The flat-rate reimbursement for utilities, etc. must be at least CZK 2.80 per hour.
Currently, the Labour Code divides employment documents into important documents (documents under Section 334 of the Labour Code) and other documents. In order to electronically sign and deliver important documents remotely, relatively strict conditions must be met, which is why many of our clients have decided to continue signing and delivering them in hard copy. However, many other employment documents are not subject to such strict conditions; their electronic delivery and signing is governed by the Civil Code and their digitisation in practice is therefore very simple.
The amendment (finally!) narrows the list of important documents and moves them into the more liberal regime of other documents. After the amendment comes into force, it is expected to be possible to electronically sign an employment agreement, an agreement to perform work (DPČ), an agreement to complete a job (DPP) and amendments thereto or termination by agreement, as well as, for example, an agreement to terminate employment, just as most other employment documents – which means in fact in any way. The level of electronic signature of the parties, the solution used or any other parameters of the signing will not play a role. Once signed, these documents will only need to be delivered to the employee’s own electronic address that has been provided by the employee in writing to the employer for this purpose. Under the new rules, the employee will be entitled to withdraw in writing from an employment agreement, DPČ, or DPP signed in this way within 7 days of the date of delivery, but only unless the employee has commenced performance of the agreement.
It is very unfortunate that the wage assessment – an ideal candidate for exemption from the strict conditions – has remained subject to Section 334 of the Labour Code and, at least legislatively, its electronic delivery and signing is still rather complicated. We assume that, after analysing the potential risks, most Czech companies will still fully digitise it, just like, for example, employment agreements.
The strict conditions continue to assume a mutual advanced electronic signature, probably also as a result of the long-term unsustainable and fragmented decision-making practice of the Czech courts, which often ignore electronic signatures without a qualified certificate and incorrectly label acts signed in this way as invalid. Unilateral termination of employment agreements, agreements to perform work, agreements to complete a job, wage and salary assessments, as well as other documents that are quite marginal in practice will therefore remain difficult to digitise in full. At least, instead of the mandatory confirmation of delivery of such documents, a new constructive notice (in Czech fikce doručení) after 10 days “from the arrival” of these documents will apply, which is extended from the data box to apply to any other electronic communication as well.
The employer will now be obliged to inform its employees about certain facts related to the content of the employment relationship within 7 days of the date of its creation or immediately in the case of changes to its content. The employer will also be obliged to inform the employee about (i) the duration and conditions of the probationary period, (ii) the procedure for termination of the employment and in the event of invalid termination, (iii) the employee’s professional development, (iv) the extent of the mandatory rest period and (v) the social security body to which the contributions are paid. This information duty is quite often already addressed in employment agreements. Template employment agreements or a separate information document will need to be amended accordingly.
Information provided to employees posted to EU Member States will be considerably expanded.
Employees will need to be made aware of the weekly work schedule at least 1 week before the start of the period to which the schedule applies.
Employees will now be entitled to holidays, time off work in the event of obstacles to work on the part of the employer and additional payments for working on public holidays, at night, in difficult working conditions and at weekends.
They will also be able to ask their employer in writing for employment in an employment relationship, to which the employer will be obliged to provide a reasoned response.
In the case of an agreement to perform work (DPČ), half of the fixed weekly working time will be assessed over a period of 26 weeks, with the stipulation that only a collective agreement may extend this period to 52 weeks.
Our long-term objective has been to modernize the legal system and the legal environment. We are members of the ICT Union, we are involved in eGovernment projects and actively participate in legislation and working groups in the field of eGovernment and in training the professional public and the judiciary.
HAVEL & PARTNERS’ employment law and technology law teams provide legal support for comprehensive projects of HR transition to the electronic form of legal transactions, use of electronic identification and paperless operation of organisations without limitation of their size or field of activity.
Please accept our invitation to attend the HAVEL & PARTNERS Academy seminar entitled How to currently digitalise HR, which will be held on Friday, 2 December 2022 at our offices and will also be available online. The seminar will be held in Czech, please have a Czech-speaking representative of your company participate. For more information and to register for the seminar, please click here.
HAVEL PARTNERS’ transactional team, which is the largest and most experienced in Central Europe with almost 80 lawyers, has been expanded to include Petra Čorba Stark as counsel. In the advisory group that, thanks to the skills and performance of its experts, has long been ranked at the top of the Slovak, Czech and Central European legal market in terms of the number of completed transactions, Petra will focus primarily on the areas of M&A and corporate law, including venture capital.
Petra specialises in acquisitions and divestitures of companies, corporate law, and capital markets. In the area of acquisitions and divestitures, Petra has been involved in a number of transactions, mainly in the telecommunications, transport, energy, manufacturing and private equity sectors. In the area of corporate law, she specialises particularly in corporate reorganisations and transformations, advising on the organisation of general meetings and shareholders’ rights, as well as corporate governance issues. In the area of capital markets, Petra focuses primarily on securities dispositions and takeover bids.
“Transaction advisory has been our flagship service since the firm was founded in 2001. Thanks to the systematic development of professional know-how, a team of top lawyers, but also a proactive and human approach, we have been able to complete more than 800 transactions worth EUR 32 billion over the last 16 years. I am delighted that our unique M&A and corporate team will be complemented to include Petra Čorba Stark, who has gained more than twenty years of experience in major law firms, and for the last five years has been leading the corporate team of an international law firm in Slovakia,” commented Jaroslav Havel, managing partner of the firm, on Petra’s joining the firm.
Petra Čorba Stark earned a Master of Laws degree from the Faculty of Law of Pavol Jozef Šafárik University in Košice. Prior to joining Havel & Partners in 2022, Petra worked in a major international law firm, leading the corporate team and specialising in transactional advisory and commercial law, including public procurement. Prior to that, she also worked in a major Slovak law firm as in-house counsel for the largest petrochemical company in Slovakia.
The prestigious international rating agency Legal 500 ranks Petra as one of the best female lawyers, recognizing her experience in M&A, innovative corporate restructurings, complex commercial cases, public procurement and state aid as a next-generation partner in the areas of commercial law, M&A, and corporate law.
HAVEL & PARTNERS, the largest Czech-Slovak law firm, achieved excellent economic results in the first half of 2022, with a double-digit growth in turnover for net legal services, up almost 13 percent year-on-year. Particularly HAVEL & PARTNERS’ Slovak office grew at an exceptional pace.
The turnover for net legal services of HAVEL & PARTNERS in the first half of this year amounted to CZK 463 million, which means an increase of 12.7% compared to the first half of last year. The firm achieved excellent results in both countries, especially in the Slovak office, where net legal services revenues grew by almost 20%.
“In the first half of this year we grew faster than in previous years. It was a very dynamic period, influenced by events in Ukraine and economic changes, especially high inflation and the situation on the energy market,” commented managing partner Jaroslav Havel continuing: “Even in this time, we have proven that we are a reliable partner for our clients, able to provide them with top legal and tax advice in all circumstances and to help them in any situation, including crisis situations. And thanks to the maximum commitment of all our colleagues across our offices in the Czech Republic and Slovakia, we have continued to grow in our turnover during this difficult period.”
HAVEL & PARTNERS’ revenues have been growing continuously since the firm was founded in 2001. The excellent economic results are mainly due to the advisory services to leading Czech, Slovak and international companies, and Czech and Slovak entrepreneurs in the areas of mergers and acquisitions, tax advisory, family law and private client services, real estate and construction, venture capital and private equity, public sector, and services of the advisory group specialising in restructuring, insolvency, and litigation.
The growth of economic revenues is also encouraged by HAVEL & PARTNERS’ international cooperation with foreign law firms that increasingly involve our firm in large-scale comprehensive international projects and cross-border transactions.
The largest Czech-Slovak law firm HAVEL & PARTNERS is strengthening its team. Petra Čorba Stark has joined HAVEL & PARTNERS as counsel in Slovakia, as a member of the M&A and corporate law team in the Bratislava office. Matěj Potměšil has joined the Prague office as a senior associate. He specialises in commercial, real estate and construction law and advises start-up companies. Senior associate Pavel Ondrák has joined the team of M&A and corporate law experts in Prague.
“As we are constantly increasing our staff capacity, we are able to cover the growing demands and expectations of our clients to the maximum extent possible,” explained Jaroslav Havel, the firm’s managing partner. “I am glad that we have managed to hire three more outstanding and experienced professionals to senior positions, who, in addition, largely focus their practice on the most important segments of our services – comprehensive M&A, commercial law and real estate advisory,” he added.
Petra Čorba Stark specialises in acquisitions and divestitures and has been involved in numerous transactions in the telecoms, transport, energy, manufacturing and private equity sectors. In corporate law, she focuses on corporate reorganisations and restructuring and corporate governance issues, and is also an expert in capital market-related advice. Petra has more than 20 years of experience in leading law firms, and for the last five years she was the head of the corporate team of an international law firm in Slovakia. The prestigious international rating agency Legal 500 ranks Petra as one of the best lawyers, having recognised her experience as a next generation partner in commercial, M&A and corporate law.
Matěj Potměšil specialises in commercial, real estate and construction law. He is also an expert in advising start-up projects, assisting clients with the appropriate setting of rules between investors and founders or creating a legal framework for the start-up itself. Before joining the firm, Matěj worked in law firms specialising in the above areas, where he advised a number of major clients operating in the Czech and international markets.
Pavel Ondrák focuses on mergers and acquisitions, corporate and commercial law and public procurement law, having been involved in a number of major transactions and projects, particularly in the telecommunications and industrial sectors. In addition, he has also participated in representing major clients in disputes in the areas of commercial law, trademarks and restitution. In the context of public procurement and concessions, Pavel specialises primarily in representing contractors, having provided legal services in one of the largest public procurement contracts in the Czech Republic, including representing clients before the Office for the Protection of Competition and in ensuing proceedings. Before joining HAVEL & PARTNERS, Pavel worked for several years in a leading Czech law firm.
The Slovak Antimonopoly Office imposed commitments on Slovenská pošta. This conclusion means that after four years of investigation and administrative proceedings, the AMO has proceeded to an amicable solution in the form of commitments and has imposed no fine on Slovenská pošta.
The AMO suspected Slovenská pošta of abusing its dominant position in the field of delivering bulk letter consignments. The practice in question concerned differences in discounts to individual customers. The AMO was of the opinion that these differences might have put undertakings at a disadvantage in competition in the field of production of bulk letter consignments. However, after having familiarised itself with the allegation and the file, Slovenská pošta proposed commitments concerning the conditions and discounts for the customers of Slovenská pošta. After testing, the AMO accepted these commitments.
Slovenská pošta was advised in this matter by a team of competition law experts of HAVEL & PARTNERS , namely partners Robert Neruda and Lenka Štiková Gachová and associate Tomáš Varšo. We are very pleased that with our assistance we were able to achieve a positive outcome for the client and its business activities.
HAVEL & PARTNERS advised the buyer, the Czech company ZFP Investments, on the acquisition of the Blumental Offices project into its real estate fund. The office building, located in a strategic location on the border of Bratislava’s Old Town and offering 21,597 square meters of leasable area, was purchased by ZFP Investments from the Slovak developer group CORWIN. In addition to its location, the project’s strengths also include a high level of environmental certification LEED Gold. It is one of the most environmentally friendly buildings in Slovakia, comprising more than 16,000 square metres of office space and almost 3,500 square metres of retail space. The building won the prestigious Building of the Year 2018 award in the category “Application of Science and Research in the Design and Construction of a Building”
This year it is one of the largest transactions on the office space market in the Slovak capital city. The buyer was advised by our firm’s partners Lukáš Syrový and Ondřej Majer, and associate Peter Košecký.
This is yet another acquisition by ZFP Investments in Slovakia. Currently in Slovakia, it owns the Forum Shopping Centre in Poprad and the land in Triblavina, where a logistics centre is to be built. “We are pleased to continue expanding our portfolio of Class A office buildings,” said Peter Lukáč, vice chairman of ZFP Investments, in the company’s press release. “The Blumental property meets all the requirements of a premium property and fits perfectly into our diversified portfolio.”
Jaroslav Baier, a lawyer with long-term experience in venture capital and private equity, has joined HAVEL & PARTNERS as a counsel and will significantly strengthen the team of the largest Czech-Slovak law firm focused on these areas. Jaroslav specialises in investments in start-ups and (bio)technological companies, as well as acquisitions (including distressed assets), joint-venture structures, and the transformation and restructuring of companies and businesses.
“Jaroslav brings his exceptional know-how from the private equity and venture capital market to our office. Not only has he been focusing on this area as a lawyer for many years, but he is also the founder of a start-up. Our private equity and venture capital team, which is the largest on the Czech and Slovak market, is thus particularly strengthening its focus on advising start-ups. Jaroslav fully understands their needs. He is able to combine his exceptional legal knowledge and business and management experience to help start-ups achieve their goals,” said Jaroslav Havel, the managing partner.
Jaroslav Baier also has extensive experience in drafting incentive schemes for top management and key employees of start-ups (ESOPs), creating holding structures abroad and advising on the expansion of Czech companies abroad. Currently, he manages the expansion of two Czech start-ups into the EU and further into the world. He is actively involved in the local venture capital community – he regularly speaks to start-ups and their investors, writes a blog and participates in various industry events.
He also engages in the acquisition and sale of distressed assets. In the past, for example, he participated in the restructuring of one of the most important engineering groups in the Czech Republic and the pre-acquisition restructuring and subsequent sale of a leading Czech aircraft manufacturer.
Jaroslav Baier has twelve-years of experience in the field. Prior to joining HAVEL & PARTNERS, he worked for a Czech boutique law firm focused on M&A and provided transaction advice to Penta Group, among others. He also worked in the Czech office of the international law firm Allen & Overy for 6 years.
HAVEL & PARTNERS represented the real estate group European Housing Services (EHS), which invested in one of the largest real estate companies on the Czech market, M&M Reality. This creates a real estate group of European importance, which intends to invest more than CZK 3 billion in its development in the coming years.
The advice was provided on behalf of the law firm by Petr Dohnal, the partner in charge of mergers and acquisitions, associate Josef Bouchal and legal assistant Filip Pavlík.
Once the transaction has been approved by the Office for the Protection of Competition, nothing prevents the EHS Group from becoming the owner of a 50% share in M&M Reality, while the total investment will exceed CZK 1 billion. The group’s goal is to keep strengthening its position on the Czech market and to also become a strong player in Central Europe; it is currently preparing for its entry into the German and Austrian markets.
This year, the EHS Group, which includes the real estate agency MAXIMA REALITY, the real estate website Bezrealitky in the Czech Republic and Slovakia, and the Czech Real Estate Trust, has already made investments in the real estate auditors NEMO Report and in the start-up Ownest, which provides a rent-to-own model, allowing clients to live in their own property, but with a mortgage deferred for up to five years. HAVEL & PARTNERS also advised the EHS Group on these two transactions.
M&A experts in the law firm HAVEL & PARTNERS have taken part in a major international advisory transaction. The business involved the sale of the Global Mobility Tax and Immigration Services business of PricewaterhouseCoopers (PwC) to funds affiliated with Clayton, Dubilier & Rice.
As a result of the acquisition, Vialto Partners, a leading independent provider of services supporting cross-border employee mobility has been formed.
In cooperation with the London-based Linklaters LLP, two HAVEL & PARTNERS M&A specialists – Jan Koval, a partner, and Silvie Király, a Managing Associate – provided comprehensive legal services for PwC in connection with the transaction in the Czech Republic, including the related tax and labour law aspects.
Vialto Partners has a 50-year history helping clients manage global talent mobility, with a relationship-driven and client-focused approach. In the new company, nearly 6,000 immigration, tax, HR, and technology professionals will provide clients with unmatched scale and expertise to support their most complex mobility challenges.
